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Oct7, 2020
15mins onwards...
"This is the best prospect I've ever seen in 44 years in the business and thats because of its commercial attractiveness, its cheap drilling, its geology first and foremost and I think Im in a position to say that because Ive been involved in Libya, Ive been involved in Argentina, Ive been involved in Colombia, Ive been involved in Abu Dhabi over 44 years and I have never ever seen anything where I can spend two and a half million dollars and get a TCF of gas two kilometres from a pipeline with good geology that Im very, very comfortable with and that's why Im a 20 percent shareholder ,this is a fantastic opportunity, its risk reward is unbeatable."
https://www.youtube.com/watch?v=_EX-YlrQWnY
Was PG correct ?
Results todate
Mou3 was to appraise the MOU fan but also test the shallower targets
The MOU fan is mapped to an area covering 30sqkm+..
P50 295BCF was based on 19m of sand
But drilling confirmed 43m
The resources likely to be P10 or more
the shallower targets ...
predrill...
MA/TGB6 sands were deemed to be 6sqkm structure but based on data points they now can map it to 58sqkm structure
Also 5 sands were encountered with an overall thickness of 11.5m where as pre drill again on P10 basis was 10m
So P10 or more but the structure also confirmed x9 the size
The excitement is clear to see
"In particular the Ma Sand potential has been enhanced over a wider area with the possibility of a larger gas trap being effectively sealed covering up to 58kmΒ². The shallow gas potential of MOU-3 has exceeded all pre-drill expectations."
lets look at what we have so far
MOU 1 - 10m & 12m
MOU 3 - shallow 11m & 11.5m & 43m MOU fan
MOU 4 - 50m & 12m & 2m
total 151.5m ..
MOU4 also confirmed the MOU fan extends further ..
10-12km , so potentially extra 33-40% in terms of area which wasn't allowed in the figures...
so we could be looking at 850BCF+ in the MOU fan alone
shallower i estimate around 376BCF
but now 50m in M1 sand in shallower target MOU 4 where non was expected, we don't have any info on this in terms of area, but 19m for the mou fan over a an area of 30sqkm was 295BCF P50, add in MOU 1 , MOU 3 shallow shallow targets, probably as a guesstimate
1.5TCF net to PRD ??
The licence area is the equivalent of 60 North seablocks ..
So far we have barely scratched the surface..
Just 50sqkm explored of a potential 5000sqkm grabben kitchen..
The whole basin is charged
Morocco offers a once in a lifetime opportunity...
onshore low operating costs
no tax for the first 10 years
5% royalty after 10bcf
Not long to find out on the numbers !!
"Planning is underway based on a provisional drilling window in April/May."
......large mapped seismic closure of 126km2.
potential to add significant resources on top of the pending resource estimate for MOU1,3,4.
MULTI TCF upside in the success case
A successful well may create a new potential gas market (gas-to-power) if the scale of the opportunity for the MOU-4 NE structure is realised.
RNS 24th Nov
https://www.lse.co.uk/rns/PRD/exercise-of-share-options-loan-to-develop-asset-i7kshsmrfhyafjd.html
"The Company believes that a target gas production profile of 150 to 250 mm cfgpd will be required in order to create the potential for winter-focussed gas sales of surplus Moroccan gas into the European markets"
150-250mcfgd - gross revenues c$876m - $1.46bn per year
"Discretionary appraisal/development drilling is provisionally scheduled for H2 2024."
MOU-3-NW
MOU-3NW will target the shallow sands behind casing in MOU-3 and not available for rigless testing in that well. MOU-3 NW will require a revision of the well design to facilitate rigless testing of potential shallow gas at higher than normal reservoir pressure for the shallow depth.
MOU-3-SW
MOU-3SW will target the Ma, TGB-6 and, potentially, depending on Phase 2 rigless testing results, TGB-4 sands.
MOU-2 re-entry and deepening
"Cory Moruga Field Development Plan for P90 Contingent and Prospective gross recoverable resources of 9.13 million barrels gives gross US$202.12 million undiscounted net operating profit (NPV@10% US$85.14 million with IRR 240.9%)"
PRD mkt cap Β£55m
fully funded....
CM now covers the mkt cap and some....
Guercif about to blow the bloody doors off !!!!!!!!!!!!
Is that potentially, a $10m diamond?
So are you saying confirmation of flow rates to confirm CNG ops 50mmscfd which based on $16 per mscf would equate to $292m and also volumetrics to confirm reserves of 1TCF and likely G2P op aswell as CNG
G2P export pipeline 250 -300mmscfd
Potential overall revenues $1bn perannum
But all the above won't move themkt cap of Β£50m ??
Testing/Flow rates discussion
presentation in 2021
22mins onwards
https://www.youtube.com/watch?v=qIfk-nGiCNI&t=1346s
May 2023 presentation
https://www.youtube.com/watch?v=QdHMex84Utw
10mins onwards
"much better results"
Https://luandapost.com/empresa-inglesa-vai-explorar-petroleo-em-luanda/
Https://energynews.pro/en/angola-oil-production-returns-to-the-kwanza-basin/
If you watch this video from early Sept, looks like production facilities are already in place
Remember to translate into English using CC
https://youtu.be/if8Fm0TWgT4?si=DWCTXE_NFjp0utsq
Mkt cap Β£14m
Net contingent resources 11.7mmbbls
Priced at just Β£1.20per bbl
Should be between $3 -6 per bbl,
in the ground $3,
on discovery $6 per bbl
Flowtest $10 perbbl
Production expected Q2 so quick turnaround and value needs to increase significantly
Both wells have multiple zones to test, with each zone a potential producing zone over very large oil columns in both wells 120m & 80m which is highly fractured
It's now becoming clearer the potential production numbers discussed on here many weeks ago become reality
6,000 bopd net to corcel 2024
6,000 x $80 x 365 days =
$175,200,000 gross revenues to corcel
12,000 bopd net to corcel 2025
12,000 x $80x 365 days =
$350,400,000 gross revenues to corcel
Asset sales due covers Β£6m
REM update also pending
Lithium update pending
BRAZIL Opps under review for sometime
Angola exploration upside 300mmbbls +
Angola tenders submitted for additional licences
So much going on π₯π―π₯π―π₯
I think they'll also re-enter the old producing wells, sidetrack from the vertical wellbores to drill horizontal wells, these to have multiple branches off to intersect the reservoir to create numerous production lines , 2 or 3 per well
to significantly ramp up production from the historic 7 producing wells as well as the 2 new wells just drilled
FDP# π₯π₯π₯